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Poroshenko: Decision on PrivatBank nationalization is unprecedented
12:06, 19 December 2016
Poroshenko: Decision on PrivatBank nationalization is unprecedented

The Head of State said that the whole financial and economic situation in the country depends on the state of affairs in this bank

12:06, 19 December 2016

112 Agency

President of Ukraine Petro Poroshenko said the decision on nationalization of the PrivatBank is unprecedented. He said this in a special televised address.

"Indirectly, the whole financial and economic situation in the country depends on the state of affairs in this bank as it's so big, or, as experts say, systemized. Because of this, it can not be put into the Procrustean bed of standard bank recovery technology. That is why we resort to an unprecedented decision - its transition to full state ownership", said the President.

Related: Ministry of Finance of Ukraine: PrivatBank to be sold after its stabilization

Recall that the government supported the proposal of the National Bank and the Financial Stability Board on the transition of PJSC Privatbank in full state ownership on 18 December. It is envisaged that the state represented by the Ministry of Finance will be the owner of 100% shares of PJSC Privatbank and will ensure the smooth functioning of the institution and preservation of assets of its clients. The transition period begins on December 19.

Related: Head of the National Bank of Ukraine: PrivatBank eurobonds to be bailed in

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